MARKET OVERVIEW- GLOBAL ANESTHESIA MONITORING DEVICES MARKET
Anesthesia monitoring devices primarily monitor the delivery of substances (including gases, drugs, and fluids) to the patient, or instruments that measure and display the physiological state of the patient. These devices can be a part of a multivariable monitor, anesthesia workstation, or a separate console. Alarms fused into monitoring systems help to detect and alertusers of out-of-range variables or conditions. The report gives an overview of key market forces propelling and restraining market growth. Additionally, the report also highlights market entry strategies for various companies across the globe. The report intends to provide market intelligence that helps decision makers make sound investment evaluations in the global anesthesia monitoring devices market. The global anesthesia monitoring devices market has gained sustainable growth owing to rising advancements in anesthesia technology. Moreover, growing awareness amongst physicians and an increasing base of geriatric patients are fuelling the market’s growth. These factors are anticipated to provide ample new growth opportunities for the market over the forecast period.
The global anesthesia monitoring devices market is driven by factors such as the growing geriatric population, rising number of surgeries globally, which has fuelled the market’s products requirements across hospitals and other end users. Besides, new innovations along with technological advancement in anesthesia monitoring devices are flourishing the market growth to a major extent as most hospitals and ambulatory surgery centers are investing in new products for the precise management of patients with risk-free surgeries using the monitoring devices. Likewise, growing awareness amongst physicians has led to a rise in sales and distribution of products. Furthermore, the overall market is also being propelled by the swiftly increasing demand from emerging countries. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth.
New innovations and technological advancement in anesthesia monitoring devices are expected to be one of the new growth opportunities for the market. With the rise in demand for new products, the manufacturers are specifically focusing on adding new advanced features to the market’s products. For instance, the new technologically featured products help to assess the patient’s response towards the anesthetic drugs during the surgery procedure. Also, with the growing number of surgeries, the market is expected to have new growth avenues over the forecast period (2022-2028).
The market has major restraining factors like difficulties associated with the usage of anesthesia devices. Moreover, the high cost of anesthesia monitoring devices and the availability of conventional techniques are also creating an aversion among patients.
MARKET GROWTH CHALLENGES
The COVID-19 pandemic has hampered the growth of the market to some extent, which has created a major challenge for the product’s production and market growth. Also, a lack of a skilled work force is expected to be a major hinderance to the market’s growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global anesthesia monitoring devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The market is expected to have growing demand for market with increasing demand for various anesthesia monitoring devices in various end user and this factor is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
ANESTHESIA MONITORING DEVICES MARKET SEGMENTAL OVERVIEW
The global anesthesia monitoring devices market comprises of different market segments like products, end users and geography.
ANESTHESIA MONITORING DEVICES MARKET BY PRODUCT
By product, the Anesthesia Monitoring Devices include a key segment of
- Advanced anesthesia monitors
- Basic anesthesia monitors
- Integrated anesthesia workstations
- Others (IT enabled monitors)
The advanced anesthesia monitoring devices are further segmented into anesthesia gas monitors, depth of anesthesia monitors, standalone capnography monitors, and other anesthesia monitoring devices (MRI compatible anesthesia monitors). Among all products, the advanced anesthesia monitoring devices segment accounted for the largest share of the anesthesia monitoring devices market. These devices are more precise, durable, and reliable in monitoring anesthesia. Moreover, they also help in monitoring vital parameters such as oxygen saturation level, carbon dioxide levels, heart rate, and blood pressure, thus boosting the demand over the forecast period. Therefore, with the technological advancement and increasing demand for the market’s products, this is contributing to the market’s growth.
ANESTHESIA MONITORING DEVICES MARKET BY END USERS
The Anesthesia Monitoring Devices market has major end users like
- Ambulatory surgery centres
Hospitals have accounted for a substantial share in 2021 and are expected to maintain their dominance over the estimated time period. The availability of advanced infrastructure coupled with the rising number of surgeries in hospitals, has contributed towards the profitable growth of this segment. Likewise, in hospitals the market products support the precise evaluation of the patient’s body systems and help to reduce the risk of surgery procedure. Also, ambulatory surgery centers are expected to witness new growth avenues over the forecast period.
ANESTHESIA MONITORING DEVICES MARKET BY GEOGRAPHY
The global Anesthesia Monitoring Devices market is studied for the following region:
- North America
- Rest of the world (RoW)
North America is estimated to account for the largest share, followed by Asia-Pacific and Europe. The market in the region is driven by factors such as rising aging population and growing patient pool, rapid adoption of technological advancements in anesthesia monitoring, and accelerating number of surgeries are fuelling the growth in North America. Alternatively, the growth is also attributed to the advanced healthcare infrastructure in this region, especially in the United States. In addition to this, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This new growth can be attributed to initiatives by the governments of the Asian nations to promote healthcare, among other and favourable reimbursement facilities. Furthermore, China is projected to grow at a lucrative growth rate over the estimate period.
COVID-19 IMPACT ANALYSIS ON GLOBAL ANESTHESIA MONITORING DEVICES MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the global anesthesia monitoring devices market along with the exclusive COVID-19 impact analysis in report. In addition, a complete analysis of changes in the global anesthesia monitoring devices market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Also, the COVID-19 virus spread on one side has provided the market with new growth opportunity withrising in patient inflow in hospitals, ambulatory surgery centres for diagnosis. And on the other hand, supply chain disruption has affected the market. In addition, the rising number of operations during COVID-19 and post COVID-19 is anticipated to drive the demand for the anesthesia monitoring devices market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the anesthesia monitoring devices market is majorly focused on expanding the global growth of anesthesia monitoring devices with new product launches and endorsements being the key growth strategies adopted by major players to reinforce their positions in the international market. Furthermore, strategies such as expansions, as well as partnerships and agreements, were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market.
The key players studied in market are
- Covidien PLC (Medtronic PLC.)(Ireland)
- Drägerwerk AG & Co. KGAA (Germany)
- Fukuda Denshi (Japan)
- GE Healthcare (United States)
- Heyer Medical AG. (Germany)
- Infinium Medical (United States)
- Masimo (United States)
- Mindray Medical International Limited (China)
- Nihon Kohden Corporation (Japan)
- Philips Healthcare (Netherlands)
- Schiller AG (Switzerland)
October 2020: Mindray, which is a global leader in the development of innovative healthcare technology, has introduced its brand new A9 and A8 anesthesia systems, which are available in Europe and other selected regions. The new product launch is expected to market the company’s entry as a key player in the high-end anesthesia machine market.